ASIC makes previously banned adviser a defendant

17 August 2017

The corporate regulator has successfully made previously banned and disqualified financial adviser, Joshua Fuoco, a fourth defendant in proceedings against his three financial services firms, after applying to the Federal Court.

Fuoco was the owner and director of Wealth and Risk Management (WRM) and its related companies Yes FP and Yes FS.

The Australian Securities and Investments Commission (ASIC) alleges the defendants breached various provisions of the Corporations Act 2001 and the ASIC Act 2001, including best interests obligations under the Future of Financial Advice (FOFA) provisions, and other provisions relating to misleading and deceptive conduct and unconscionable conduct.

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Fuoco was disqualified from managing corporations for two and a half years by ASIC from 13 May 2016, and was also previously banned from providing financial services for five years from 13 January 2010 to 12 January 2015.

ASIC alleged that Fuoco was knowingly involved or concerned in various contraventions by WRM, Yes FP and Yes FS, including that he was involved in:

  • Unconscionable conduct by WRM, Yes FP and Yes FS in contravention of s12CB of the ASIC Act;
  • Carrying on an unlicensed financial services business by Yes FS in contravention of ss.911A, alternatively 911B, of the Corporations Act; and
  • Yes FS's misleading and deceptive representations in contravention of s 1041H of the Corporations Act and ss. 12DA and 12DB(1)(f) of the ASIC Act

The court made orders in the proceeding on 8 August 2017 that required the defendants to file their defence by 13 September 2017. The original trial date of 2 October 2017 has been vacated and the matter set down for trial on 1 February 2018.


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